ReneSola Ltd. (SOL,SOLA.L), a manufacturer of solar photovoltaic modules and wafers, on Tuesday said that, as a result of the company's diversified supply chain, its products would not be subject to anti-dumping and countervailing duties recently imposed by the U.S. Department of Commerce on a range of solar imports originating in China.
Although the U.S. International Trade Commission is expected to make its own determination in November, ReneSola does not expect its products or U.S. customers to be affected.
ReneSola said the announcement by the Department of Commerce was not a surprise and that it had been preparing for this eventuality for months by diversifying its supply chain so that its prices remain among the most competitive in the marketplace.
According to the company, the new duties apply only to China-made cells and to modules assembled with such cells. The cells used by the company in the products sold in the U.S. are manufactured outside of China and therefore are not subject to these duties.
Xianshou Li, ReneSola's chief executive officer, said, ''Unfortunately, the tariffs will mostly harm thousands of U.S.-based installers and developers who will be forced to raise their prices in order to cover retroactive and anticipated penalties.''
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